Trend and Reversal Opportunities on AUD/USD and USD/CAD - Kakiforex.com - Financial Market Media No. 1 in the World Trend and Reversal Opportunities on AUD/USD and USD/CAD Trend and Reversal Opportunities on AUD/USD and USD/CAD
InstaForex

August 9, 2021

Trend and Reversal Opportunities on AUD/USD and USD/CAD

 Who’s up for short and swing-term trades today?


If you’ve got your eyes on the comdolls, then you’re gonna like what I’ve spotted on AUD/USD and USD/CAD’s charts.


Check them out!


AUD/USD: 1-hour

The Aussie just bounced from the .7330 zone that has been serving as support since late July.



Now that the pair is about 20 pips from the level, short-term AUD/USD bulls may eye the .7370 mid-range levels on the 1-hour time frame.

But who says a bounce can only reach mid-range levels? If you see the Aussie gaining bullish momentum, then you should also brace for a possible retest of the .7405 range resistance levels.


Not convinced that the Aussie can gain more pips against the dollar in the next trading sessions?


Watch out for a dip back to the .7330 support, which could lead to a downside breakout if there’s enough bearish momentum.


USD/CAD: 4-hour

Is it me or did USD/CAD just break below a key trend line support?



Technically, the pair is still trading above its 100 and 200 SMA levels. However, the lowkey descending triangle on the 4-hour time frame tells me that the bulls are finding it hard to keep the dollar above the 1.2600 mark.

Dollar bears who are confident that we are seeing the start of a bearish reversal can short at current levels and aim for the 200 SMA support or a 180-pip drop – the height of the base of the triangle – below the triangle’s trend line support.


But wait! Don’t discount an upside breakout yet! Once the dollar busts above the 1.2600 resistance and stays back above its broken trend line support, then we could be looking at a trip back to July’s highs.